Royal Caribbean Doubles Profit In First Quarter

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MIAMI (CBSMiami/AP) — Royal Caribbean cruised through its first quarter.

The Doral-based cruise line reported Friday that its profit more than doubled from the same period a year ago.

The company also said it now expects better earnings for the year than it previously expected. Its shares rose more than 2 percent in morning trading.

Royal Caribbean said its ships carried more than 1.4 million on its ships during the three months ending March 31, up 5 percent from the same period a year ago. Besides its namesake cruises, Royal Caribbean Cruises Ltd. also owns Celebrity Cruises, Pullmantur, Azamara Club Cruises and CDF Croisières de France.

The company reported earnings of $99.1 million, or 46 cents per share, in the three months ending March 31, compared with $45.2 million, or 20 cents per share, in the same period a year ago.

Earnings, adjusted for non-recurring costs and restructuring costs, came to 57 cents per share, beating Wall Street expectations. Revenue rose about 6 percent to $1.92 billion in the period, also beating Street forecasts.

Royal Caribbean now expects full-year earnings to between $6.15 per share and $6.35 per share, surpassing the $6.09 per share analysts expected, according to FactSet.

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